Analysts applaud Dave Lewis’ efforts to turn around Tesco October 5, 2016 Tesco posted a 0.6 per cent increase in UK like-for-like sales this morning and analysts have been reacting well to chief executive Dave Lewis' efforts to revive the embattled retailer. And the market seems to agree with them, with the retailer's share price jumping nine per cent in early morning trading. Lewis has been managing [...]
Tesco posts increase in UK like-for-like sales but profit drops 28 per cent October 5, 2016 Tesco's share price jumped nine per cent in early morning trading after it posted an increase in UK sales in its interim results. The company also confirmed its pension deficit has jumped by £3.2bn to £5.9bn "due to lower bond yields". The figures Tesco's like-for-like sales in the UK were up 0.6 per cent in the first [...]
Tesco’s Drastic Dave must keep delivering to revive fortunes of the supermarket giant October 5, 2016 Tesco's slogan “every little helps” was aimed at cost-conscious shoppers in the financial crisis, but the same could also be said of the grocer’s gradual recovery under CEO Dave Lewis. Two years into his tenure, the retailer can perhaps add a new catchline to its roster: buy everything here. Lewis is steering the Tesco juggernaut [...]
The new topless Range Rover Evoque is a glorious blown-up Barbie car and we kind of love it October 4, 2016 As controversial as the EU referendum, the world’s foremost luxury 4×4 maker has lopped the top off its compact model in a bid to create a new lifestyle niche; the Cabrio SUV. To some, this is the best of all words. To others, it is a motorised selfie stick. Soft-top off-roaders aren’t a new concept. [...]
The cost of groceries fell once again in September as the supermarket price war waged on October 4, 2016 The cost of a basket of shopping fell again in September as the supermarket price war continued to take its toll on retailers' margins. According to research by comparison website mySupermarket, a basket of popular grocery items came to £83.19 in September, an annual drop of £2.74 and a month-on-month drop of 16p. Read more: Sainsbury's share [...]
Tesco faces legal action from shareholders over accounting scandal October 3, 2016 Tesco faces fresh legal action over its accounting scandal in 2014. A group of investors are bringing a £150m lawsuit against the retailer, saying they have suffered financially due to the £328m black hole that was discovered in Tesco's accounts two years ago. After it emerged that Tesco had overstated its profits, its share price plunged [...]
Increased profits on the cards at Tesco but pension headache persists October 2, 2016 Tesco is expected to report on Wednesday that it has grown half-year profits but its steady resurgence could be undermined by a spiralling pension scheme deficit. Analysts expect a rise in underlying sales for the third quarter in a row and half-year profits could be as much as £624m – dwarfing the £354m generated in the same period last year. [...]
“Sainsbury’s footfall is falling short” – analysts react to the retailer’s trading update September 28, 2016 Sainsbury's issued a 1.1 per cent fall in like-for-like sales this morning, and analysts' reactions have been pretty scathing. The retailer boosted its volumes, but the supermarket price war has eroded any benefit Sainsbury's might have wanted to see in its like-for-likes as a result. Sainsbury's share price has dropped 3.67 per cent today following [...]
BT, TalkTalk, and Vodafone all perform badly in latest set of Ofcom complaints data September 28, 2016 Telecoms watchdog Ofcom has revealed the best and the worst performers when it comes to customer complaints for broadband, landlines, mobile, and pay TV. Complaints figures are presented per 100,000 customers and covers the three-month period from April to June 2016. BT topped the list of broadband complaints, followed by its subsidiary Plusnet, with 26 and 23 respectively. The industry [...]
Sales drop at Sainsbury’s in second quarter – but Argos is growing September 28, 2016 Sainsbury's reported at drop in sales during the 16 weeks to 24 September, despite transaction growth and flat fuel sales – but Argos posted a strong performance for its second quarter. The company's share price had fallen by 3.03 per cent in mid-morning trading. The supermarket posted a 1.1 per cent decline in like-for-like sales, [...]